To Örebro University

oru.seÖrebro University Publications
Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
A time-varying Phillips curve with global factors: Are global factors important?
nternational Monetary Fund, United States of America.
Örebro University, Örebro University School of Business.ORCID iD: 0000-0003-2587-8779
University of Strathclyde, United Kingdom.ORCID iD: 0000-0001-8023-8040
2023 (English)In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 126, article id 106423Article in journal (Refereed) Published
Abstract [en]

Increased globalization and trade have integrated the world, but whether they are the underlying drivers of the flattening of the Phillips curve slope is not clear. This problem is further complicated since time-varying parameters are empirically important in most applications as the role of global factors may change over time. This paper investigates empirically the role played by global and domestic factors in driving dynamics in inflation using a panel data comprising of 23 advanced (AEs) and 11 emerging market economies (EMEs), from 1995Q1 to 2018Q1. The results indicate the predominance and increasing importance of global factors in explaining inflation dynamics, especially for EMEs. The Phillips curve is flat for both groups, but it is flatter in AEs. The results are consistent with the theoretical view that increased globalization and trade are underlying factors behind the flattening of the Phillips curve.

Place, publisher, year, edition, pages
Elsevier, 2023. Vol. 126, article id 106423
Keywords [en]
Trend inflation, Global factors, Non-linear state space model, Multi-country
National Category
Economics
Identifiers
URN: urn:nbn:se:oru:diva-107175DOI: 10.1016/j.econmod.2023.106423ISI: 001047444900001Scopus ID: 2-s2.0-85165970490OAI: oai:DiVA.org:oru-107175DiVA, id: diva2:1783429
Note

Funding agency:

International Monetary Fund

Available from: 2023-07-21 Created: 2023-07-21 Last updated: 2023-09-06Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full textScopus

Authority records

Poon, Aubrey

Search in DiVA

By author/editor
Poon, AubreyWu, Ping
By organisation
Örebro University School of Business
In the same journal
Economic Modelling
Economics

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 29 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf